Around the region: Fishermen's case against ConocoPhillips advances

The Maritime Court in China's northeastern port city of Tianjin agreed to hear a compensation claim for a June oil spill from platforms operated by ConocoPhillips, Xinhua News Agency said Friday.

The court accepted a complaint from fishermen alleging the leaked oil from the Penglai 19-3 oil field damaged their business, the official agency said. Xinhua reported earlier this month that 107 fishermen are seeking $77 million in compensation from the Houston-based oil company's China unit.

ConocoPhillips Chairman James Mulva said this month that the company has set up funds to independently administer "reasonable compensation" to people, communities and industries on Bohai Bay.

Cheniere: Hedge fund buys stake

SAC Capital Advisors, a $14 billion hedge fund, bought a 5.7 percent stake in liquefied natural gas importer Cheniere Energy, according to a filing this week with the Securities and Exchange Comission.

Houston-based Cheniere has an import terminal at the Sabine Pass that it's trying to convert for export.

The project, which would cool gas into a liquid so that it can be loaded onto ships, will initially cost as much as $5 billion. Cheniere faces a cash crunch that may trigger a default in May, Standard & Poor's said in a note to clients this fall.

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